Cryptocurrencies Decline Amid Tensions Between Russia and the Ukraine

Markets were rocked by geopolitical uncertainties on Friday, as Bitcoin (BTC) took a dive below $43,000.

On Friday, most cryptocurrencies fell as investors responded to geopolitical dangers posed by Russia and Ukraine tensions rising.

The President of the United States, Joe Biden advised Americans to get out of Ukraine quickly on Friday, stressing that an attack may be imminent. Despite Russia’s military activities, the United States has ruled out sending soldiers into Ukraine for the time being.

Bitcoin (BTC) took a dive of 5% in a 24-hour period, as opposed to Ethereum (ETH) and Solana (SOL) dropping by 4% and 7%, respectively. While stocks responded in kind and took a dive, conventional sanctuaries like gold and the US currency climbed. Later in the New York trading day, the markets ultimately normalized.

The technical indicators of Bitcoin (BTC) are mainly neutral. There is support in the range from 35k-40k, but resistance is noted at 46k. 

As per the Delphi Digital analyst Jason Pagoulatos, the preponderance of trading volume happened between $41K and $41.5K Bitcoin (BTC) in a 10-day period. Should this level be breached, the most probable course would be heading towards the remainder of the volume gaps which at the time being stand at $38,500. 

A 40% increase in the market cap of the biggest cryptocurrency relative to the market occurred within the week. Because in times of market decline Bitcoin (BTC) appears to have a somewhat reduced risk profile as opposed to cryptocurrencies in the market, traders tend to lean more towards investing in Bitcoin (BTC).